What’s the Difference Between Garage Liability and Garagekeepers Insurance?


Many people are confused about terminology utilized for insurance, and when you see all of the crazy jargon thrown around, you certainly cannot place any blame for confusion! For example, what’s the difference between garage liability insurance, and garagekeepers insurance? Is there a difference, or are they actually the same exact thing?

The truth is that most people, even business owners who are greatly impacted by these types of policies, don’t know. Here, we’ll offer you a breakdown on what they are, what they do, and who may need them.

To answer the question, garage liability and garagekeeper insurance are not the same thing. While closely related, they provide different types of protection. Depending on your business, you may have a need for either, or both of them in tandem.

A garage liability insurance policy offers protection when a vehicle stored or serviced on your property and is damaged by theft, vanadlism, fire or weather and storm events. It provides protection against collisions, and bodily injury and property damage.

It does not cover the customer’s vehicle though! You’ll need a garagekeepers insurance policy to actually guard against damage to the customer’s vehicle itself.

So who needs these types of policies?

The short answer is nearly any business which in some way deals with vehicles owned by others. This means that if you’re selling automobiles, offering repair and service on them, parking them and storing them, or offering a valet, you have a gas station and car wash, you’re a tow truck company, and on down the line, you’ll want to guard yourself and your business with garage liability and garagekeeper insurance.

Also keep in mind that there are other potential options or additions as well. For instance, towing companies should have on-hook towing insurance.

Of course, remember that either garage liability, garagekeepers insurance, or both, applies to nearly any business who sells cars, services them, stores them on-site, or parks or otherwise moves them. Yet, some of these businesses may have specific legal requirements for carrying this type of coverage.

That means that in certain cases it might provide you with protection and your customers with peace of mind, and in other cases, if you want to legally operate your business within your local area, you need to have a specific amount of coverage in place.

Therefore, it’s always best to check to see what your state’s requirements are, or to consult with an experienced professional who can help guide you through the process and ensure that you’re in compliance.

John Rothschild is the owner of ACI Insurance Services, a leading provider of Florida surety bonds and insurance for more than 10 years. Plus, ACI now serves the state of Georgia, too!

ACI is known for their hassle-free customer service, their extensive experience and knowledge of the industry, and their affordable rates.

Get started with Georgia dealer bonds and garage liability insurance in Georgia, by visiting LowCostFloridaInsurance.com or calling John directly at 407.889.2612.

Article Source: http://EzineArticles.com/?expert=John_Rothschild

About John Rothschild : Author of this Article

John is the owner of ACI Insurance, one of the leading Florida insurance specialists around today. By working with dozens of the best insurance companies, ACI provides its clients with great deals and discounts, and complete protection tailored to every person’s or business’s unique needs.

ACI specializes in business and commercial insurance, surety bonds for businesses, and other business services, such as PEO and consulting.

You can visit the website of ACI Insurance to receive a free Florida insurance quote today with absolutely no obligation. With our commitment to customer service, attention to detail, and more, you’ll quickly find out why we are regarded as one of the best Florida insurance agents that you can work with.

Advertisements